Icahn Enterprises, a diversified holding company, has reported its financial performance for the quarter ended March 31, 2024. The company's Energy segment experienced a 19% decrease in net sales, primarily due to lower refined product prices and reduced demand, resulting in a $423 million drop compared to the previous year. The Automotive segment saw a 16% decrease in net sales and other revenues from operations, largely due to the deconsolidation of Auto Plus. The Food Packaging segment's net sales decreased by 14%, attributed to lower volumes and a decrease in price and product mix. Real Estate net sales decreased by 86%, mainly due to a decline in single-family home sales. The Home Fashion segment reported a 10% decrease in net sales, while the Pharma segment...Show More

Icahn Enterprises, a diversified holding company, has reported its financial performance for the quarter ended March 31, 2024. The company's Energy segment experienced a 19% decrease in net sales, primarily due to lower refined product prices and reduced demand, resulting in a $423 million drop compared to the previous year. The Automotive segment saw a 16% decrease in net sales and other revenues from operations, largely due to the deconsolidation of Auto Plus. The Food Packaging segment's net sales decreased by 14%, attributed to lower volumes and a decrease in price and product mix. Real Estate net sales decreased by 86%, mainly due to a decline in single-family home sales. The Home Fashion segment reported a 10% decrease in net sales, while the Pharma segment saw a 20% increase in net sales due to higher prescription growth. Icahn Enterprises' Investment segment reported a negative performance, primarily driven by net losses in short positions. The company is cooperating with requests from the U.S. Attorney’s office and the SEC regarding corporate governance and other matters, and is facing consolidated class action lawsuits alleging federal securities law violations. Icahn Enterprises has also declared a quarterly distribution of $1.00 per depositary unit, to be paid on June 25, 2024. Looking ahead, the company is exploring strategic transactions with CVR Energy, Inc. and continues to focus on decarbonization initiatives within its Energy segment.